How do you send online payments? There is an easy, and inexpensive way to do this directly from Dynamics GP without a lot of manual processes.
The Manual Way to Do This
Let’s say you are booking an event venue and the deposit is $10,000. You could manually print a check (or heaven forbid, write a check) and put it in the mail. A more advanced method would be to send the payment as an ACH wire transfer, but then there is a $25 fee. Plus you often then need to manually exchange emails with the venue to confirm that payment was sent/received.
The Smart Way to Do This in Dynamics GP
In this same scenario if you create an EFT (Electronic Funds Transfer) in Dynamics GP it is like a direct deposit that is put into their bank account. It takes a little longer, perhaps 2 days, but it is sent. And it only costs 25 cents!
When your Dynamics GP system is set up to do email messaging, an email is automatically sent to notify the recipient that the EFT was sent.
An example from our own company is expense reports. When I submit my expense report, I get an email that the funds will be deposited into my account within two days. It lists the amount and the invoices being paid.
This cuts down on calls to the Payables Department and saves time and money when they go to do bank reconciliation. There are no bounced checks or checks that accidently went through the laundry.
EFT is a feature that has been included in Dynamics GP, as part of the eBanking Suite, for several versions.
You would need to work with your bank to have the ability to upload an EFT file, but the savings and the automation will save you time and money in the long run.
If you are interested in setting up this feature in your Dynamics GP system contact CAL Business Solutions 860-485-0910 x4 or firstname.lastname@example.org
For more time saving tips visit www.calszone.com/tips.
By Sue Conrod, CAL Business Solutions, www.calszone.com
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